DDM Analysis: BBSI

Valuation Snapshot

Stable Growth	$27.86 - $48.77	$36.77
Multi-Stage	$34.38 - $37.72	$36.02
Blended Fair Value	$36.40
Current Price	$44.32
Upside	-17.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.30%	4.04%	0.31	0.31	0.32	0.35	0.35	0.31	0.28	0.28	0.24	0.24
YoY Growth	-	-	-0.04%	-5.10%	-6.01%	-0.57%	11.12%	11.70%	0.99%	14.42%	0.78%	15.93%
Dividend Yield	-	-	0.75%	0.97%	1.47%	1.79%	2.02%	3.16%	1.43%	1.34%	1.77%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.85
(-) Cash Dividends Paid (M)	8.24
(=) Cash Retained (M)	46.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.97	6.86	4.11
Cash Retained (M)	46.62	46.62	46.62
(-) Cash Required (M)	-10.97	-6.86	-4.11
(=) Excess Retained (M)	35.64	39.76	42.50
(/) Shares Outstanding (M)	26.23	26.23	26.23
(=) Excess Retained per Share	1.36	1.52	1.62
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	1.36	1.52	1.62
(=) Adjusted Dividend	1.67	1.83	1.93
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	1.96%	2.96%	3.96%
Fair Value	$27.86	$36.77	$48.77
Upside / Downside	-37.15%	-17.03%	10.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.85	56.48	58.15	59.88	61.65	63.48	65.38
Payout Ratio	15.02%	30.01%	45.01%	60.01%	75.00%	90.00%	92.50%
Projected Dividends (M)	8.24	16.95	26.17	35.93	46.24	57.13	60.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	1.96%	2.96%	3.96%
Year 1 PV (M)	15.53	15.68	15.83
Year 2 PV (M)	21.97	22.40	22.84
Year 3 PV (M)	27.63	28.45	29.29
Year 4 PV (M)	32.58	33.88	35.21
Year 5 PV (M)	36.88	38.72	40.64
PV of Terminal Value (M)	767.19	805.56	845.45
Equity Value (M)	901.79	944.70	989.26
Shares Outstanding (M)	26.23	26.23	26.23
Fair Value	$34.38	$36.02	$37.72
Upside / Downside	-22.42%	-18.73%	-14.90%

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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Barrett Business Services, Inc. (BBSI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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